Corporate governance practices in Portugal (original) (raw)

Corporate governance mechanism in the context of Portugal

New Challenges in Corporate Governance: Theory and Practice

Corporate governance is a mechanism to protect investors in the markets around the world. This study analyses the board of directors’ specificities in the context of Portuguese corporate governance. The results show that the Latin Model (Two-Tier Model) is the most (least) adopted by Portuguese firms. The percentage of executive members is higher than that of non-executive members. In the year of 2014, women held only 9.5% of positions on board, which is very low. With this study, we contribute to the state of art of Corporate Governance in a country in which investigation is still scarce

Corporate Governance Policy and Company Performance: The Portuguese Case

Corporate Governance: An …, 2004

The study of corporate governance experi-enced an important impulse in the 1990s. It moved from the academic realm into the gaze of the institutional debate and several political measures were taken by governments or government agencies. Included in this corporate ...

Influence the Corporate Governance : The Portuguese Reality

The goal of this paper is to study the factors that can influence the corporate governance, in particular, the impact of the chief executive office, CEO, in the performance of the firm. Firstly, we present the contributions of two schools, some studies concerning the concept of firms, their ownership and control as well as studies related with the impact of the CEO in the performance of corporate. Secondly, we analyse, from a statistical point of view, a sample of 5283 Portuguese firms belonging at 24 industries (3 digit, sic codes) and use the Wasserman, Nohria and Anand (2001) methodology for the statistic treatment of data. The research found evidence supporting the hypotheses that the CEO is a factor that has an impact on the performance. He has an higher impact when the industry’s level of growth and debts are more important and where the level of concentration is lower.

Board of directors specificities in the context of Portuguese corporate governance and corporate law

Corporate Law and Governance Review, 2019

The corporate governance is a mechanism to protect investors in the markets around the world. This study analyses the board of directors’ specificities in the context of Portuguese Corporate Governance, and study the corporate governance effect of Portuguese listed firms on firm performance. The results show that the Latin Model (Two-Tier Model) is the most (least) adopted by Portuguese firms. The percentage of executive members is higher than that of non-executive members. In the year of 2014, women held only 9.5% of positions on board, which is very low. The results concerning the relationship between corporate governance and firms’ performance are not consensual. Although some studies find evidence of a positive relation between the two variables, others find no relationship. With this study, we contribute to the state of art of corporate governance in a country which investigation is still scarce.

Corporate governance and portuguese listed companies' performance

2014

Mestrado em FinançasAtravés da avaliação do impacto das teorias de governo das sociedades nas empresas cotadas em Portugal e do seu desenvolvimento em Portugal, esta dissertação ajuda a compreender como a performance das empresas cotadas em Portugal se relaciona com as variáveis de governo das sociedades. Este estudo baseia-se numa amostra de 38 empresas Portuguesas entre os anos 2005 e 2012. As principais conclusões são que percentagens mais elevadas de independência nos conselhos de administração evidenciam maiores níveis de performance, e que a dualidade de funções de CEO e Chairman demonstra benefícios na performance das empresas. Também verificámos que o modelo Latino têm vindo a perder observações para o modelo Anglo-Saxónico, e adicionalmente, verificámos que a maioria das empresas cotadas em Portugal são controladas por famílias.Through the evaluation of the impact of corporate governance theories on Portuguese Listed Companies and its development on Portugal, this dissertat...

Corporate Governance Policy and Company Performance: The Case of Portugal

Several supervisory authorities and governmental working groups issued corporate governance best practice codes for listed companies during the nineties. In this paper, we used a unique database that allowed us to analyse the relationship between the level of compliance of the code of best practice issued by the Portuguese Securities Market Commission and the returns of the concerned companies. By using a multifactor model, one can conclude that there is a positive relationship between the compliance of some of these recommendations and the returns that were determined. The recommendations on the structure and functioning of the executive board deserve a special attention. However, globally, CMVM’s code of best practice doesn’t have a systematic effect on firm returns.

Impact of corporate governance on firm’s performance. The case of the Portuguese Listed Firms

2020

Purpose: Corporate governance issues have been particular important in the last years because of diverse international scandals (e.g. Enron e a WorldCom in the US, Parmalt in Italy, and Banco Portugues de Negocios in Portugal, among others). This calls for the need for a reformulation of governance mechanisms to minimize agency conflicts and restore confidence in capital markets as well as transparency of the company's economic and financial situation. The choice of some corporate governance issues may have impact in the company’s performance, as it may influence agency costs between the principal and managers and between type of investors and may impact the firm’s financial decision. In this sense, this paper aims to analyze the impact of corporate governance’ characteristics on the financial performance of Portuguese listed firms. Design/methodology/approach : A panel data of listed companies on Euronext Lisbon, between 2012 and 2016, and the multiple linear regression model, ...

Determinants of Structure of Corporate Governance Disclosure in Portugal

Purpose – This study analyses the determinants of the level of corporate governance disclosure (CGD) by Portuguese companies listed on Euronext Lisbon between 2005 and 2011. Design/methodology/approach – Using content analysis, we construct a corporate governance index for each firm based on the data extracted from the firm’s corporate governance and annual reports. An ordinal logistic regression model is used to examine the relationship between the level of CGD and its determinants. Findings – The empirical evidence suggests that foreign investor ownership, board size, board independence, external audit quality and degree of internationalization had a significant and positive influence on the corporate governance disclosure level, whereas ownership concentration, unitary leadership structure and debt had a significant and negative influence on corporate governance disclosure. No results were observed for board of director ownership and manager stock option compensation variables. Originality/value – This study extends the previous literature by examining corporate governance disclosure. Moreover, it extends prior work by analysing foreign investor ownership, manager stock option compensation and degree of internationalization as determinants of information disclosure. Finally, we believe that this study, conducted over a longer period of time, might give us stronger statistical evidence.

The Importance of Corporate Governance in the South Est Europe Countries

2010

Corporate governance is the set of procecesses, customs, policies, laws and institutions affecting the way a corporation is directed, administered or controlled. Corporate governance also includes the relationships among the shareholders, management, the board of directors and other stakeholders (employees, suppliers, customers, banks). Policy makers in both developed and emerging economies face challenges in ensuring good corporate governance. The OECD Principles of Corporate Governance set out a framework for good practice which has been agred by the governments of all 30 countries that are members of OECD. The White Paper on Corporate Governance in South Est Europe is the result of four Roundtable between 2001-2003 and it is the emulation of experiences of all participants based on the OECD Principles of Corporate Governance.